EXHIBIT 99.1
TEXAS PACIFIC LAND TRUST

1700 Pacific Avenue
Suite 2770
Dallas, Texas 75201
______
 
TRUSTEES:
  
ROY THOMAS
Maurice Meyer III
Telephone (214) 969-5530
General Agent
John R. Norris III
    
James K. Norwood
  
DAVID M. PETERSON
   
Assistant General Agent
TEXAS PACIFIC LAND TRUST

REPORT OF OPERATIONS - UNAUDITED


   
Three Months Ended
  
             
   
September 30, 2008
    
September 30, 2007
  
             
Rentals, royalties and other income
   $ 5,849,778     $ 3,227,168  
                 
Land sales
     184,400       1,857,664  
                 
Total income
   $ 6,034,178     $ 5,084,832  
                 
Provision for income tax
   $ 1,538,156     $ 1,123,409  
                 
Net income
   $ 3,593,514     $ 2,535,135  
                 
Net income per sub-share
   $ .35     $ .24  
                 
Average sub-shares outstanding during period
     10,367,017       10,530,958  


   
Nine Months Ended
  
             
   
September 30, 2008
    
September 30, 2007
  
             
Rentals, royalties and other income
   $ 15,681,963     $ 9,773,065  
                 
Land sales
     823,440       1,857,664  
                 
Total income
   $ 16,505,403     $ 11,630,729  
                 
Provision for income tax
   $ 4,123,087     $ 2,611,077  
                 
Net income
   $ 9,741,893     $ 6,078,699  
                 
Net income per sub-share
   $ .94     $ .58  
                 
Average sub-shares outstanding during period
     10,406,889       10,559,717  

 
This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters.  We assume no responsibility to update any such forward-looking statements.